How Much Does It Cost to Insure My Small Business?

In a lot of ways, our colleagues and employees are a lot like a surrogate family. Think about it… Working nine to five, we spend so much time with them that we get to know them – their quirks, their pet peeves, their stories – as well as we do our own brothers and sisters.

And, naturally, none of us want to see our friends and family members get sick – even if they’re part of our extended workplace family.

(Do you have the theme song from The Office stuck in your head right now, too?)

If you’re the owner of a small business, one of the most effective ways that you can help take care of your employees is to offer health insurance benefits.

Not only will offering insurance benefits help you retain your current team members and increase your productivity, but it could also make your business more competitive when you hire new employees, helping you attract the best and brightest when it’s time to extend the ranks of your office family once again.

And the best news of all? Small group health plans are actually significantly easier and cheaper to get than you might think!

What You Need to Know About Small Business Health Plans

While businesses with more than 50 employees are currently required to provide health insurance under the Affordable Care Act, there is no such mandate for small businesses with fewer than 50 people on their payroll.

With that said, there are certainly small business health plans out there for businesses of all shapes and sizes, allowing for coverage of your employees and their dependents.

In fact, there are a variety of policies available specifically tailored for groups of 50 people or fewer; many small business policies, in fact, can cover groups of just two to ten people, and you may even be eligible if your “employees” are 1099 contractors.

It’s also important to note that if you are eligible for a small business health insurance plan, then you and your employees are generally guaranteed coverage. Under the current law, employers, employees, and dependents can’t be turned away due to pre-existing conditions, and all of your eligible employees will be able to enroll in the plan and receive coverage if they so choose.

The other thing to know about small business health insurance plans? Employers are required to pay a contribution toward their employees’ premiums; minimum employer contributions are generally at least 50%, though this can vary from state to state or insurer to insurer (and many employers tend to contribute more).

How Much Does It Cost to Set Up a Group Health Plan for A Small Business?

Needless to say, pricing for health insurance is going to vary based on the unique circumstances of the business in question, including:

  • The ages of the individuals in your group
  • The location of your business
  • Type of plan
  • Your willingness to pay out-of-pocket costs (such as deductibles and co-pays)

With all of this taken into account, research suggests that group health plans can be significantly cheaper than individual plans; it’s also important to remember that there are numerous financial incentives that can come along with offering health coverage to your employees, including tax credits and advantages in certain circumstances.

Your Enrollment Specialists consultant would be happy to discuss your potential costs, as well as the unique advantages you may be able to gain when you enroll your business in a group health plan!

When Can I Get Started With Small Business Insurance?

With small business health insurance, you don’t have to wait until open enrollment to get started applying for coverage or changing your policy. You can purchase coverage at any time!

If you’re ready to find the plan that’s right for your small business, your first step should be getting in touch with your Enrollment Specialists consultant Matt Peebles for a free consultation.

Once you reach out and provide Matt with some necessary information about your business and employees, we’ll be able to design and customize the right group health plan based upon your unique situation.

At each step of the journey, we’ll be sure to highlight the value of your potential plan, and help you understand every piece of the puzzle, including your rates and benefits, guiding you to the plan that’s exactly right for your needs.

Even better? After you’ve enrolled, your Enrollment Specialists consultant will be your main point of contact any time you have questions or concerns about coverage for the entire lifetime of your plan. We’ll sweat the small stuff, so that you can get back to doing what you do best!

If the right time for you is right now, the Enrollment Specialists team is here to help you get started with small business health insurance! We believe that there truly is a plan for everyone… and we’ll help you find yours.

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